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Money-Saving Hacks for Parents to Try Today

  • 2 MIN READ|
  • 0 Comment |
  • 1122 |
  • by Joseph Priebe|
  • January 30, 2019 |
  • Personal Finance

How to save money as a new parent

It's no secret that having a child can be pretty expensive. In fact, the average family in America spends more than $11,000 during the first year of a child's life alone and almost $250,000 in total before their child turns 18. With that amount of money being spent, it's important to save wherever possible. So let's take a look at a few easy ways parents can save money.

Breastfeeding

First, it's important to know that breastfeeding a baby can save some serious cash. While breastfeeding isn't for everyone, it can save as much as $1,400 in one year! So if possible, consider breastfeeding over formula.

Birthday Parties

Parents can also save quite a bit of money when it comes to birthday parties. Some may be tempted to throw their child a lavish party to celebrate their birthday; 26% of parents responded to a BabyCenter.com poll saying they spent more than $500 on first birthday parties. Cutting down on party spending is an easy way to reduce expenses.

Clothing and Diapers

And when it comes to buying clothes, it's important to purchase items that children can use for a few years. Seeing as how babies triple in weight during their first year of life, you should buy loose clothes that can continue to fit their growing bodies. Additionally, with babies going through more than 2,700 diapers before they're one year old, investing in a diaper-delivery service can save parents in the long run.

Sales and Free Services

As for items like toys, books, and baby gear, it's always a good idea to check out consignment sales. These sales can often be reduced by 50% to 70%, which can help save significant money. It's also a good idea to check out public resources, like the library, for free entertainment. While homes with children under 18 often have around 104 children's books, checking out books at the library is free.

Sports

Lastly, while kids are bound to get into some sort of extracurricular activity, it can be beneficial to consider the financial aspects of these activities. Some sports, like hockey and lacrosse, are more expensive and can lead to families spending 10% of their income on fees and travel. So consider the expenses of sports before signing your kids up.

How to save money as new parents

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